Optimizing Wellbeing at Departure: Financial Literacy and Retirement Planning Among Lecturers in Lagos State-Owned Tertiary Institutions

  • Sunday Stephen AJEMUNIGBOHUN
  • Rasheed Olawale AZEEZ
Keywords: Financial attitude, financial behaviour, financial confidence, financial knowledge, retirement planning


This study investigated the effect of financial literacy—comprising financial attitude, behaviour, confidence, and knowledge—on retirement planning among lecturers in Lagos State-Owned Tertiary Institutions. With retirement representing a critical transition in academics’ lives and a notable decline in income, the study aimed to understand the role of financial literacy in securing their post-career financial well-being. Grounded on prospect theory and the theory of planned Behaviour, the research adopted a positivist stance and employed a descriptive survey design, gathering data through a structured questionnaire from 273 lecturers. The regression analysis illustrated a substantial effect of financial literacy factors on retirement planning (Adjusted R2 = .69). Financial attitude (β=.477, p<.05), financial knowledge (β=.277, p<.05), and financial behaviour (β=.167, p<.05) significantly influenced retirement planning. However, financial confidence (β= .051, p>.05) did not exert a significant effect. These results emphasize the pivotal role of financial literacy—particularly attitude, knowledge, and behaviour—in shaping retirement planning among lecturers. The study recommends continuous educational initiatives, collaborations with financial experts for mentorship, and regular program assessments to enhance financial literacy and retirement planning strategies. The findings highlight the urgency for universities' management to prioritize tailored financial literacy programs and comprehensive support frameworks, ensuring lecturers are adequately prepared for retirement.


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